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European stocks gained ground on Wednesday while U.S. Treasury yields dipped after reaching multi-year highs as recent surging oil prices stoked inflation worries, setting the scene for the Federal Reserve to project rates staying higher for longer. Yet in Europe, sterling came under pressure after data showed Britain's high inflation rate fell unexpectedly in August, prompting speculation that the Bank of England could pause its historic run of interest rate hikes as soon as Thursday. The Federal Reserve is expected to leave rates unchanged at the current range of between 5.25% and 5.5% when it concludes a two-day meeting later on Wednesday.